“Today we have one relatively small investment teed up and being documented,” Sanford Herrick, managing principal and co-founder of the private direct lender, told this publication in a Feb. 7 interview.
The company is funding and acquiring loans between $2 million and $25 million secured by commercial real estate in the Northeast and mid-Atlantic regions.
In a press release Herrick said the platform is focusing on opportunistic investments that fall outside the realm of conventional lenders and providing short-term, fixed-rate loans for repositioning or redevelopment of commercial real estate.
He said the continuing sales of subperforming and nonperforming portfolios by banks, insurers and Wall Street firms continue to create opportunities in this area.
The company is offering traditional and short-term bridge loans, discounted pay off financing and construction financing as well as first- and second-mortgage financing. Timeframes can be short but the company also will consider complex story transactions and restructurings. It does its own servicing.
“We’re not looking for equity shares,” Herrick stressed. “Our goal is to support each borrower’s business plan.”